Daily Current Affairs : 31-October-2023

In recent news, a Delhi-based advocate fell victim to the SIM-Swap Scam, highlighting the rising concerns related to cybersecurity. This incident sheds light on the urgent need for individuals to understand the workings of such scams and take preventive measures.

SIM-Swap Scam Overview

Banking apps are closely tied to phone numbers, serving as gateways for OTP generation and important bank-related messages. The SIM-Swap Scam is a cunning technique employed by fraudsters to gain unauthorized access to individuals’ bank accounts. Here’s how it unfolds:

The Scam Process
  1. Information Gathering: Fraudsters gather personal data through phishing or vishing, encompassing phone numbers, bank account details, and addresses.
  2. Visit to Mobile Operator: Armed with victim details, fraudsters impersonate victims, reporting fake theft of SIM cards and phones at mobile operators’ outlets.
  3. Duplicate SIM: Fraudsters obtain duplicate SIMs, even if the original one is functional, due to their false reports.
  4. No Direct Communication: Unlike other scams, SIM-Swap doesn’t involve direct victim communication.
  5. Missed Calls Tactic: Fraudsters use missed calls, prompting victims to leave their phones unattended, aiding in unnoticed SIM swapping.
  6. Control of the SIM: Once swapped, fraudsters manipulate all calls and messages through the duplicate SIM.
  7. Bank Account Access: With control over SIM cards, fraudsters access passwords and OTPs, infiltrating victims’ bank accounts undetected.
Phishing Definition and Its Role

Phishing, a key element in SIM-Swap Scams, involves tricking victims into activating malware through email or messages, leading to information theft:

  • Phishing Technique: Scamsters send malware links to victims, activating malware upon clicking.
  • Information Theft: Victims’ personal information is stolen, enabling fraudsters to exploit bank accounts.
Preventive Measures

To counter these scams, individuals must adopt the following precautions:

  • Awareness: Stay informed about common phishing tactics and SIM-Swap scams.
  • Avoid Suspicious Links: Refrain from clicking on unknown links received via email or messages.
  • Two-Factor Authentication: Enable two-factor authentication for all accounts, enhancing security.
  • Regular Updates: Keep banking apps and phone software updated to benefit from the latest security features.
  • Vigilance: Be cautious of missed calls from unknown numbers, and report any suspicious activity to the mobile operator and the bank promptly.
Important Points:
  • SIM-Swap Scam Overview:
    • Banking apps are linked to phone numbers for OTPs and important messages.
    • Fraudsters gather personal data through phishing or vishing techniques.
    • They impersonate victims to obtain duplicate SIM cards, even if the original one is functional.
    • Fraudsters use missed calls to prompt victims to leave their phones unattended, aiding in unnoticed SIM swapping.
    • Once the SIM is swapped, fraudsters gain control, accessing passwords and OTPs, infiltrating victims’ bank accounts.
  • Phishing Definition and Its Role:
    • Phishing involves tricking victims into activating malware through email or messages.
    • Victims’ personal information is stolen, allowing fraudsters to exploit bank accounts.
  • Preventive Measures:
    • Awareness: Stay informed about common phishing tactics and SIM-Swap scams.
    • Avoid Suspicious Links: Refrain from clicking on unknown links received via email or messages.
    • Two-Factor Authentication: Enable two-factor authentication for all accounts, enhancing security.
    • Regular Updates: Keep banking apps and phone software updated for the latest security features.
    • Vigilance: Be cautious of missed calls from unknown numbers; report suspicious activity promptly to the mobile operator and the bank.
Why In News

A Delhi-based advocate recently became the latest victim of the SIM-Swap Scam after she received three missed calls from unknown numbers and lost money from her bank account. This incident highlights the increasing sophistication of cybercriminals and emphasizes the need for greater awareness and security measures among the public.

MCQs about SIM-Swap Scams and Phishing Attacks

  1. How do fraudsters typically prompt victims to leave their phones unattended in SIM-Swap scams?
    A) Sending threatening messages
    B) Making repeated missed calls
    C) Offering monetary rewards
    D) Sending funny videos
    Correct Answer: B) Making repeated missed calls
    Explanation: Fraudsters use repeated missed calls to prompt victims to leave their phones unattended, aiding in unnoticed SIM swapping.
  2. What is the primary purpose of phishing in SIM-Swap scams?
    A) Sending friendly messages to victims
    B) Stealing personal information through malware links
    C) Making prank calls to victims
    D) Generating OTPs for fraudulent transactions
    Correct Answer: B) Stealing personal information through malware links
    Explanation: Phishing involves tricking victims into activating malware through email or messages, leading to the theft of personal information.
  3. Why is it important to report suspicious activity to both the mobile operator and the bank promptly?
    A) To get free mobile credit
    B) To avoid answering unknown calls
    C) To prevent unauthorized access and potential financial loss
    D) To receive discounts on banking services
    Correct Answer: C) To prevent unauthorized access and potential financial loss
    Explanation: Reporting suspicious activity promptly to both the mobile operator and the bank is crucial to prevent unauthorized access and potential financial loss.

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